The chatter started when influential and well-connected Russian analyst/blogger Eldar Murtazin wrote on his personal blog (Google translation | Bing translation) that negotiations are starting between Nokia and Microsoft, and a deal would close by the end of this year. “Both companies are very much in a hurry,” Murtazin wrote, according to the Google translation.

But the rumor seems quite odd, considering the companies just inked a deal worth billions of dollars to make Windows Phone the main operating system on Nokia smart phones. What more could Microsoft need from the world’s largest phone maker? Hardware? Really?

Nevertheless, Murtazin has a stellar track record on Nokia rumors. He forecast the Microsoft-Nokia partnership long ago, when most pundits were convinced Nokia would stick to its Symbian platform, The Guardian of London reports. More recently, he predicted Nokia would ditch the Ovi brand, which the Finnish company did today. And last year, Nokia even sued Murtazin for possession of an unauthorized prototype – so he clearly has connections.

What’s fascinating about this rumor is the numbers. After last week’s $8.5 billion Skype acquisition, Microsoft has about $32 billion left in cash reserves. And, as The Guardian points out, Nokia’s market capitalization is just shy of $32 billion. Coincidence?

Interestingly, Nokia’s market valuation plummeted to that level in recent months. Before the Windows Phone partnership was announced, Nokia’s market cap was about $44 billion. Manipulation?

Of course, Microsoft wouldn’t be able to buy Nokia outright for market value – there’d have to be some sort of premium. But remember, Murtazin reported Microsoft is in negotiations to buy Nokia’s phone division, not the whole company (though that is most of the company).

What else does Nokia do? It’s got mobile services such as maps, music and messaging. It’s got Navteq, a major navigation and mapping service. And it operates wireless services in Europe and elsewhere through Nokia Siemens Networks.

Oh, and remember that Microsoft has a good friend at the top of Nokia. Its chief executive, Stephen Elop, was president of the Microsoft Office division before moving to Nokia in September. After the Windows Phone partnership was announced, shareholders pressured Elop to justify the Microsoft deal and wondered whether he was a Trojan horse.

If this acquisition rumor turns out to be true, Elop could be one of the biggest Trojan horses in the history of big business.